ach1199 said: If you must do this then look into cash out refi. Agreed. OP, why do you want to take out a HELOC against investment property? The interest may not be deductible, where 100% of the interest of the investment property loan is deductible. I am not a tax expert but found this article explaining what is deductible for HELOCS taken on investment properties: Deductible interest for investment properties
Also, properties are on OO loans originated when rates were lower. Ideally could keep primary mortgage at past locked low rate and unlock new equity at current rates. Additionally, these were ~3.5% down properties. So swapping to rental means LTV might have to be 25-30.
solarUS said: dealcather said: rufflesinc said: ach1199 said: If you must do this then look into cash out refi. cashout refi on rental can only be done if you have 4 or less mortgages Not anymore. 5+properties cashout rules are here https://www.quickenloans.com/blog/multiple-properties-new-fannie-mae-rules-let-take-cash anybody applied for one of these? i'm wondering what kind of guidelines they use...full appraisals? rates? presumably the same as when they only allowed for <4
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